[SMM Cast Aluminum Alloy Morning Comment: April Secondary Aluminum PMI Data Fell Below the 50 Mark, Off-Season Pressure Expected to Persist in May] The aluminum AL2606 contract opened at 23,010 yuan/mt in the night session, reaching a high of 23,120 yuan/mt and a low of 22,880 yuan/mt, closing at 22,940 yuan/mt, down 160 yuan/mt from the previous settlement price, a decline of 0.69%.

[SMM Cast Aluminum Alloy Morning Comment: Futures Plunged Sharply, Aluminum Alloy Prices in the Doldrums] The aluminum alloy 2606 contract fell sharply in the overnight night session, opening at 23,075 yuan, reaching a high of 23,085 yuan, hitting a low of 22,945 yuan, and closing at 22,990 yuan, down 160 yuan from the previous settlement price, a decline of 0.69%.

[SMM Cast Aluminum Alloy Morning Comment: The Most-Traded Aluminum Alloy Futures Contract Fell in Volatile Overnight Trading, Pre-Holiday Stockpiling Sentiment Remained Weak] On Monday, the SMM ADC12 price remained flat from the previous trading day at 24,100 yuan/mt. On the cost side, aluminum price fluctuations narrowed, providing limited price support.

[Stagflation Expectations Heat Up Combined with China Inventory Buildup, Divergence Between SHFE and LME Aluminum Continues] Overall, geopolitical risks outside China persisted and supply tightened, keeping LME aluminum prices on a relatively strong footing; high inventory levels in China combined with weak demand limited SHFE upside room, with a clear divergence between SHFE and LME price trends.

[SMM Cast Aluminum Alloy Morning Comment: Easing Costs and Sluggish Demand Keep Aluminum Alloy Prices in the Doldrums] Last Friday, the ADC12 market was generally in the doldrums. As aluminum prices weakened, cost support eased, and some enterprises actively lowered their quoted prices.

[Inventory Trends Diverge Significantly in and outside China; Aluminum Prices Continue LME-Outperforms-SHFE Pattern] Negotiations in the Middle East experienced repeated twists and turns, and geopolitical risks had not yet fully been cleared. However, the widening supply gap outside China and the steady drawdown of LME inventory jointly supported LME aluminum prices in holding up well. In China, social inventory of aluminum ingots remained at elevated levels, with the strength of demand recovery and the pace of inventory drawdown becoming the core variables influencing SHFE price trends.